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[12月8日] 数字金融workshop

发布日期:2020-12-07 03:13    来源:

时间:12月8日12:30 - 14:00


主讲人1曹欣然 北京大学国家发展研究院博士研究生 


Ni, Jian and Xin, Yi. 2020. Financing Micro-entrepreneurship in Online Crowdfunding Markets: Local Preference versus Information Frictions. Available at SSRN 3580585.


Online crowdfunding platforms enable entrepreneurs and investors to interact with fewer geographic constraints and have become an important financing alternative for (micro-)entrepreneurship. However, local preference and information frictions could lead investors to overly focus on local projects, even when the non-local options are equally (if not more) attractive. This paper investigates the existence of local biases and the channels through which they are induced in crowdfunding marketplaces. We present empirical evidence consistent with strong local biases among investors. We also quantify the importance of information asymmetry and preference toward local projects on inducing local biases, and find that information asymmetry accounts for two-thirds of the total effect. Our results suggest that providing information about the projects through marketing might be a more efficient way to raise funds for micro-entrepreneurship as it mitigates non-local investors' informational disadvantages.


主讲人2董英伟 北京大学国家发展研究院博士研究生 


Stulz, René M. 2019. FinTech, BigTech, and the future of banks. Journal of Applied Corporate Finance 31(4): 86-97.


Banks are unique financial institutions in that they combine the production of liquid claims—that is, demand deposits—with loans. Though banks can replicate most of what FinTech firms can do, FinTech firms benefit from an uneven playing field in that they are less regulated than banks. The uneven playing field enables nonbank FinTech firms to challenge banks in specific product areas where success is not tied to what makes banks unique—namely, their deposit‐gathering abilities and the potential for synergies with borrowers provided by deposits. And although banks’ responses to FinTech have also been hampered by their legacy IT systems and by internal frictions inherent in large diversified firms, FinTech's narrow product offerings and lack of established “franchises” appear to put clear limits on Fintech's ability to displace banks.


Unlike Fintech, however, BigTech firms have some advantages that banks will find it harder to replicate, and so they present a much stronger challenge to established banks in two main areas: consumer finance and loans to small firms. And FinTech as well as BigTech are contributing to a trend in which banks are losing a comparative advantage that has derived from having more immediate access to information about parties seeking credit. The extent to which banks succeed in warding off such threats will depend on (1) their ability to make effective—and possibly even better—use of the same information technology now being used by its new competitors, and (2) their success in realizing economies of scale and scope that their nonbank competitors will find hard to match.